IRA Charitable Rollover for Seniors Over 70

By McPherson County Community Foundation

December 08, 2016

There is good news for community foundation donors in their 70's—and for the communities and causes they care about. A recently made permanent law makes it possible to give individual retirement account (IRA) assets to charity, free from federal tax, annually. Prior to 2006, all lifetime distributions from IRAs were taxed—even those given to charity.

As such, our donors can give far more with less! This may be an attractive giving option for you if you are:

Over 70½ and now receiving minimum IRA distributions—but do not need the extra income.Interested in making a significant lifetime gift to impact your community.

The Pension Protection Act of 2006 permitted individuals to roll over up to id="mce_marker"00,000 from an IRA directly to a qualifying charity without being taxed. On December 18, 2015 Congress passed the PATH Act, making permanent this unique charitable giving opportunity. Single and married individuals 70½ and older are eligible to give in this way from their individual retirement accounts.

Using IRA assets to make a gift during your lifetime, as opposed to giving via bequest in your will, enables you to experience the joy of making a major gift.

“We’re ready to help our donors take advantage of this legislation and make gifts during their lifetimes. Our personalized service and local expertise helps donors address the issues and causes most important to them,” said Becky Goss, McPherson County Community Foundation President/CEO.

For more information on the charitable giving legislation and the Charitable IRA opportunity, please contact Becky at 620.245.9070 or email